First Solar, Inc. (NASDAQ:FSLR), one of the leading global providers of comprehensive photovoltaic (PV) solar systems announced its agreement with an investment partnership led by General Electric Company (NYSE:GE) Energy Financial Services to sell its solar projects in Ontario, Canada.
According to First Solar, Inc. (NASDAQ:FSLR), the solar projects generate a total of 59 megawatts AC including the Amherstburg (10MWAC), Belmont (20MWAC) and Walpole (20MWAC) power plants.
No terms revealed by First Solar
First Solar, Inc. (NASDAQ:FSLR) did not reveal the terms of the agreement, but said it is the first transaction between General Electric Company (NYSE:GE) since its commercial and technology partnership announced earlier this month.
General Electric Company (NYSE:GE) Energy Financial Services’ partnered with Alterra Power Corp (CVE:AXY) (TSX:AXY) in acquiring the Amherstbur, Belmont and Walpole solar power plants (ABW Partnership). Alterra Power holds a 10% stake and will serve as managing partner in the projects.
First Solar, Inc. (NASDAQ:FSLR) will continue to provide operations and maintenance services for the power plants under contracts. The Ontario Power Authority agreed to purchase the output of the solar power plants under its Renewable Energy Standard Offer Program (RESOP) f0r 20 years.
The Manufacturer Life Insurance Company was the agent of the ABW Partnership, which helped raised financing for the transaction from The Great-West Life Assurance Company, Sun Life Assurance Company of Canada and Caisse de dépôt et placement duQuébec.
Tim Rebhorn’s statement
In a statement, Tim Rebhorn, senior vice president of business development Americas at First Solar, Inc. (NASDAQ:FSLR) said, “First Solar is proud to contribute to Ontario’s renewable energy objectives. In addition to providing clean electricity, the projects have provided meaningful employment and local economic benefits, as well as contribute to the safe and efficient operation of the local utility system.”
General Electric Company (NYSE:GE) Energy Financial Services said the solar projects in Ontario contributes to its cumulative 1 gigawatt ($1.5 billion solar investment portfolio).
“Our Ontario investments deepen our longstanding relationship with First Solar and illustrate our interest in acquiring solar power projects at various stages of development and construction. Through a variety of equity and lease arrangements, we help developers monetize their own investments,” said Mark Tonner, managing director and Canada business leader at GE Energy Financial Services.
Meanwhile, John Carson, CEO of Alterra Power Corp (CVE:AXY) (TSX:AXY) said, “With this transaction, Alterra has added solar power to its operating portfolio, opening the door for us to pursue other solar opportunities as well as continued growth in wind, hydro and geothermal power.”